Kremsmunster, Austria – Greiner is looking at its options after a total of just 0.17% of free-floating Recticel shares were offered to Greiner during its public offer. This closed on 7 January.
In a statement on 11 January 2022, the Austrian company said it plans not to buy these shares. Greiner added that it could terminate its agreement with major Recticel shareholder Compagnie du Bois Sauvage following Recticel's decision to sell its flexible foams business to Carpenter of the US. That shareholder had pledged the sale of its 27% stake in Recticel to Greiner. However, Greiner has said it will continue with this purchase for now.
Greiner said it could decide to terminate its agreement with Bois Sauvage if the EC's phase 2 investigation into the combined shareholding has conditions it considers to be too onerous. Greiner said it is working 'constructively with the EC on the phase 2 investigation'. The EC is likely to reach a decision some time in Q1.
Until Greiner reaches that decision, Bois Sauvage will continue to own the shares and exercise voting rights in Recticel.
Axel Kuhner, Greiner’ CEO said: ‘[We will] now explore options for the stake in Recticel to maximise the value of our investment.'